Monday, 25 November 2019

BUY-TO-LET DEAL OF THE WEEK: 2 bed flat in Chichester, £199,000, 5.0% yield

2 bed flat, Kings Avenue, Chichester
kitchenlounge
Summary:
2 bed flat in Chichester
Listed for sale on 17/04/19 @ £230,000
Now = £199,000
Rent = £825pcm
Yield = 5.0%


This two-bedroom first floor apartment has been refurbished throughout and is in a good location to the South of Chichester's city centre. It's been on the market since April; originally it was priced at £230,000 but it was reduced to £215,000 in September, when another agent was added into the mix to try and sell it, and it's now been reduced to a very decent £199,000.

It's in a good 'ready to rent' condition, having been redecorated and recarpeted throughout, along with receiving a new kitchen, bathroom, double glazing and electric heating (sadly there's no gas at the property to provide gas central heating - although this could have been accessed from the street and I believe would have been a worthwhile addition).

It's a very good size inside, although again had I been refurbishing it I may have re-configured the layout so bedroom two was more generously sized - the lack of a second double bedroom will be a downside for both buyers and tenants.

It was obviously one house once upon a time and it appears to have recently been split into two flats on the basis of its refurbishment and the new 125 year lease. The ground rent (£250 per annum) and service charge (£310 per annum) are reasonable, although check the lease to ensure these figures won't ratchet up indefinitely.

Being positioned close to the potential Southern Gateway development could be a boon for this property for a long-term landlord, who should expect to achieve a solid 5% rental return based on the full asking price when achieving a realistic £825pcm.

The property is on the market with Henry Adams and full details can be found on Rightmove via the following link:
https://www.rightmove.co.uk/property-for-sale/property-85118042.html


If you are looking for an agent that is well establishedprofessional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.

E-mail me on clive@crjlettings.co.uk or call 01243 624 599.

Don't forget to visit the links below to view my previous buy-to-let deals and Chichester Property News articles:

c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP



Chichester rental valuation

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